Ann: Updated Statement of Claim ISX vs ASX, page-167

Yes, I agree with this position.

I personally don't think those performance shares should have been issued after the details of the revenue mix was revealed. Which of course none of us could of know before that public questioning. JK did in fact indicate up until the ASX questioning was released that this was driven from transaction revenue. Investors were lied to and mislead. This is a clear as day to me.

I do however, have a big issue with ISX being suspended while the likes of NXL still trades. There is clearly some inconsistencies there. I accept that could have something to do with the fact that JK refuses to resign or accept he is not fit to run ISX.

It's a huge mess, and I still see no end in sight. Listing on an exchange in the EU may give us some liquidity but I fear the price someone will pay for our shares will not be pretty. This also adds another list of complications to the investment. I'm personally quite nervous about what I don't know is possible by creating this dual entity. What can happen in the shadows with some clever accountants and lawyers?

In my view, this all comes back to JK refusing to let go of ISX. Westpac CEO resigned, NXL CEO resigned, all those companies listed in the amended action did in fact take some action to rectify the source of the breaches, ie Heads rolled. Who's head has rolled in ISX? None.

Anyway, my thoughts after the last few days events.